What Are The Primary Pricing Strategies With SaaS Products?

Whether you are just starting a software as a service (SaaS) business, or have been in the game for years, it’s always beneficial to understand the primary pricing strategies for your products. In truth, it’s not uncommon for a business to realize they have been over or undercharging for their products. With this in mind, below we’re uncovering pricing strategies that are working in an effort to help you develop your own pricing model.

What is a Pricing Strategy?

Just like it sounds, a pricing strategy is an approach for how you will price your SaaS product. In other words, it’s your chosen policy for how much your customer will be charged to receive your product. The best plan of action in terms of pricing is to determine how much your customer is willing to pay, while also ensuring your business will turn a profit.

Many, if not most SaaS companies opt for a subscription pricing model that yields a constant stream of revenue for the business. It’s important to remember that when it comes to pricing strategies, you must keep in mind the value your product is offering, and find that perfect sweet spot that will yield a healthy profit margin while keeping your customer happy. After all, if they feel you are overcharging, they are likely to seek out a competitor.

Different Pricing Strategies Explained

Now that you have a brief overview of the goals for a good pricing strategy, let’s explore different pricing strategies to help you determine the best one for your SaaS business.

1. Penetration Pricing

The goal of penetration pricing is to enter the market with a low price in an effort to get the attention of customers, and convince them to leave the higher priced competition. The problem with pricing strategies like this however, is that over the long term they are not sustainable. Eventually, the business will have little to no choice but to raise their prices if they hope to be profitable.

2. Skimming Pricing

In stark contrast with penetration pricing, this strategy centers on entering the market at a high price, and then later tapers the pricing down as the product becomes less popular. This strategy is quite common with theme parks. When they are at the highest of their popularity, the price goes up, and suddenly, as crowds thin out, ticket prices go down to bring customers back. – Read more

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How Secure Is Your Password? Here’s How To Find Out

“Is my password secure?” It’s an important question to ask yourself in this age of ever-evolving cybersecurity threats. With hackers perpetually developing more sophisticated cyberthreats, there’s no point in making their jobs easier by creating a password that’s easy to bypass. The strength of your password is key to protecting your website, personal data and other important information. With that in mind, here are some guidelines to assessing your passwords’ security, finally answering the question: Is your password secure?

How Secure Is Your Password If It’s Short?

When choosing or creating a password to your online accounts, it’s best to assign a password that’s difficult for a hacker to guess. When asking yourself “Is my password secure enough?” take the password’s length into consideration. Is your password secure if it consists of the website’s character minimum? Maybe, but not as secure as it could be. A long password is harder for a bad actor to guess than a shorter one. When assessing the question, “Is my password secure?” consider using a password that’s at least 12 characters long. As many as 16 to 20 characters is ideal.

How Secure Is Your Password If It Includes Personal Information?

Is your password secure if it references names or dates? People often insert birthdates, names of pets, and other personal signifiers to create a password that’s easy to remember. Unfortunately, these details can be easily gleaned from social media or other sources by bad actors looking to gain access to your accounts. In fact, you’re better off avoiding dictionary words, or combinations of dictionary words entirely. Your best bet is to construct a password from a lengthy combination of letters, numbers, and characters. If the application is case-sensitive, alternating between uppercase and lowercase letters can also bolster your password’s security. If you’re worried about not being able to remember a lengthy string of seemingly random characters, try using a password manager to safely create, store, and fill in your passwords. That way, you’ll ideally only have to remember one password, the one you use to access your password manager. – Read more

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Cloud Security Best Practices

Once an individual or organization makes the decision to use a cloud service provider, the question of how to keep your data safe may come to mind. After all, when files containing sensitive information are being loaded to the internet, it’s important to make sure this content is only accessed by authorized users. With that in mind, below are several cloud security best practices that should be considered to keep your data protected.

Find a Provider You Can Trust

When it comes to cloud based cyber security, you really can’t be too careful when selecting your cloud service provider (CSP). Look at things like security measures offered, standards compliance capabilities, service level, and manageability. Also ask questions such as how much time will you have to spend, and if you will share responsibility for the implementation of your cloud based cyber security? Whoever you choose as your CSP, make sure to read your contracts thoroughly so you have a thorough understanding of expectations and deliverability.

Train Personnel in Security Protocols

The key reason for including this step in our cloud security best practices is that the safety of your cloud storage begins with the people who will be using it. For example, if you require your users to log out at the end of every work day, leaving the system logged in could result in unauthorized users gaining access to something they are not supposed to see.

Don’t Give Everyone Access

You likely know that not everyone needs administrative access. However, you also don’t need to give everyone access to all system files. Compartmentalizing could be a simple way of reducing risks in your cloud based cyber security. – Read more

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